Performance Report 2004
Ambition 2: Employees
Staff satisfaction levels are influenced by many things apart from the satisfaction of a job well done. The introduction of a new final salary pension scheme in the spring of 2004 (which replaced some money purchase and other legacy schemes) happened at a time when the widespread closure of such schemes in other companies was headline news.
The new scheme is open to all new employees who wish to belong, apart from the members of the original electricity supply pension schemes. It provides a pension of one-eightieth of final salary for each year of membership in return for a contribution from the member of 4% of salary. The company contributes 10% of members' salaries.
Members who wish to do so may opt to for a higher accrual rate of seventieths, sixtieths or fiftieths of final salary by increasing their contributions.
The 'bringme' incentive scheme, also introduced in the spring, uses the company's purchasing power to pass on a package of staff discounts on a selection of goods and services. About 100 people log in to the 'bringme' site every day, and our staff's response to a 'bringme' promotional competition was the highest of any company signed up to the scheme.
An annual incentive plan that covers all levels of employee is in operation across the company. It is based on a basket of measures, both financial and non-financial, that will contribute to achieving our ambitions.
Helping Hands gives annual awards in recognition of individuals' charity work, and both Helping Hands and support for the company charity have important 'feelgood factor' benefits for all those involved.
Throughout the company there are examples of local priz-egivings, which acknowledge exceptional work by individuals and teams, and we have a good record of success in external award schemes.